In the language of the supervisory authorities, a natural or legal person who, under unlimited and unconditional liability, provides to a single financial services provider, for each of which it acts, – securities services, together with ancillary services, to clients or potential clients.
accepts and forwards instructions or orders from the client in relation to investment services or financial instruments, – places financial instruments, and/or – advises clients or potential clients in relation to these financial instruments or services. – The Markets in Financial Instruments Directive introduced extensive disclosure requirements throughout Europe for such service providers. – See Liability umbrella, KWG Intermediaries Regulation, Insurance intermediaries. – Cf. BaFin Annual Report 2007, p. 147 (focus examinations), p. 208 (licensing issues), BaFin Annual Report 2008, p. 136 f. (professional suitability examination mandatory; public register of contractually bound intermediaries on BaFin’s homepage), BaFin Annual Report 2009, pp. 156 f. (contractually bound intermediaries must disclose their position to the customer), BaFin Annual Report 2010, p. 111 (external sales force of insurance companies examined by BaFin with emphasis), pp. 172 f. (BaFin can justifiably prohibit the involvement of contractually tied intermediaries if monitoring deficiencies are identified), BaFin Annual Report 2011, p. 173 (supervisory objections; dubious business models), BaFin Annual Report 2012, p. 157 (BaFin is entitled to prohibit an institution from involving contractually tied intermediaries without exception in the event of obvious organizational deficiencies), and the respective BaFin Annual Report, chapter „Supervision of Banks, Financial Service Providers and Payment Institutions.“

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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